Feb
20
Business Law (Chapters 7)
Question 1
2 / 2 pts
A contract must show mutual agreement, which is also referred to as “a meeting of the minds.”
44561
True
72240
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 2
2 / 2 pts
If an agreement imposes a legal obligation, then it is a(n):
85783
enforceable contract.
47167
a negated concurrence.
5282
unenforceable contract.
88702
a void contract.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 3
2 / 2 pts
A(n) _____ contract is an agreement that results in an obligation that is legally enforceable.
45605
valid
31416
void
63788
voidable
38872
invalid
: B
: B
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 4
2 / 2 pts
A contract may be extended and revised as needed to reflect the wishes of the parties.
80891
True
87845
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 5
2 / 2 pts
If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:
42110
offer and acceptance.
63339
legality of purpose.
96407
consideration.
47172
competence.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 6
2 / 2 pts
A contract in which some future act or obligation remains to be performed under its terms is known as a(n):
1667
contingent contract.
12788
executed contract.
64034
executory contract.
87504
statutory contract.
Move To… This element is a more accessible alternative to drag & drop reordering.
IncorrectQuestion 7
0 / 2 pts
An executed contract is one in which all terms of the agreement have been fully performed by at least one party.
45114
True
44672
False
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 8
2 / 2 pts
A telephone conversation can result in a(n):
8008
statutory contract.
97156
enforceable oral contract.
89394
informal contract.
25670
contingent contract.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 9
2 / 2 pts
A simple contract is not:
69857
formal
87673
written.
68886
implied.
35971
oral.
Move To… This element is a more accessible alternative to drag & drop reordering.
Question 10
2 / 2 pts
A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.
20407
True
84338
False
Question 1
2 / 2 pts
A simple contract is not:
formal
oral.
implied.
written.
Question 2
2 / 2 pts
A contract in which some future act or obligation remains to be performed under its terms is known as a(n):
contingent contract.
executory contract.
statutory contract.
executed contract.
Question 3
2 / 2 pts
All but one of the following elements is required of an enforceable contract. The exception is:
malafide intention.
offer and acceptance.
consideration.
mutual agreement.
Question 4
2 / 2 pts
If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:
offer and acceptance.
legality of purpose.
competence.
consideration.
Question 5
2 / 2 pts
If an agreement imposes a legal obligation, then it is a(n):
enforceable contract.
a void contract.
unenforceable contract.
a negated concurrence.
Question 6
2 / 2 pts
A contract must show mutual agreement, which is also referred to as “a meeting of the minds.”
True
False
Question 7
2 / 2 pts
A(n) _____ contract is an agreement that results in an obligation that is legally enforceable.
voidable
invalid
: B
: B
valid
void
Question 8
2 / 2 pts
An offer is a proposal made by one party (offeror) to another (offeree) that indicates willingness to:
reject an offer.
enter into a contract.
negotiate a service or exchange.
consider a service or exchange.
Question 9
2 / 2 pts
A telephone conversation can result in a(n):
informal contract.
enforceable oral contract.
contingent contract.
statutory contract.
Question 10
2 / 2 pts
A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.
True
False
FollowComments
